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Venezuela looks for short-term relief in Citgo debt sale

In an effort to curb its declining economy, strapped-cash Venezuela looks to sell its U.S. refining Citgo to sell USD 2.5 billion of its new debt.  Amid worries of defaulting due to a drop in crude oil prices, Venezuela has around USD $10 billion in debt payments that it would like to pay off. Even…

Venezuela’s Asia Tour Backfires as Crude Extends Slump

Nearing the end of his Asia and Russia travels, Venezuelan president Nicolas Maduro had intended to garner support to normalized crude oil prices without any success.  Since his trip started the price of oil has fallen an extra 8 percent and continued to decline after meeting with Russian president Vladimir Putin.  Both Russia and Venezuela…

Uruguay Offshore Bidding Plans Hinge on Oil Recovery

Ancap Chairman Jose Coya had stated earlier in 2014 that the company planned on offering as many as a dozen blocks in late 2015.  The plan had been in the work for the last 3 years but now that is all dependent on the price of crude recovering and holding above $60/barrel.  If any of…

Oil price rout forces Venezuela to rethink petro-diplomacy

With oil prices being at half of the June numbers, Venezuela is currently rethinking the Petrocaribe subsidized oil arrangement in order to meet their financial debts and pay for imports.  Although Venezuelan president Nicolas Maduro is traveling the world to garner financial support very little details are coming to light about said agreements while in…

Venezuela secures US$20B in China deals

Venezuela secures US$20B in China deals

As foreign companies who are working on Venezuela’s mature oil fields are asking to be compensated in crude oil, Venezuelan president Nicolas Maduro has just announced that Venezuela and China have signed agreements worth USD 20 billion. It was unclear if the agreements would include opportunities for loans or if they were part of the current…

Petrobras and Indian partners find more oil in Brazil

In a securities filing on Thursday, Petrobras and its Indian partners have reported that they have found more light crude oil in the Sergipe Basin off the northeast coast of Brazil.  The drilling found a 28 meter column of oil and the discovery also includes a presence of light crude oil with a density between…

Presalt oil and natural gas provide an increasing share of Brazil’s production

Brazil’s exploration and development of it’s presalt layer began over a decade ago with its first production starting in 2008.  In 2013, Brazil’s presalt crude oil production was 15% of total production, this being a sufficiently greater increase from 0.4 % in 2008. The presalt natural gas productions also had a significant rise with 14%…

Argentina Says Oil Price Plunge To Cut Energy Trade Deficit By 16%

While the current oil price drop may hinder many of the big energy players in terms of profits, some countries may receive an ease to there bottom line.  Argentina’s energy trade deficit will decrease by 16% next year due to the price drop but also hopes to reverse the deficit by tapping into its Vaca…

Venezuela Partners Said Seeking Oil Payment as Arrears Mount

Venezuela’s current position of being cash strapped has caused several oil partners asking to be compensated with crude oil.  Spain’s Repsol and India’s Oil & Natural Gas Corp. is owed monies by Venezuela, as PDVSA’s revenues are being allocated to social program and fuel subsidies. by Rakteem Katakey and Pietro D. Pitts, Bloomberg, January 7,2015…

Colombia economy hit hard by lower oil prices

With the recent drop in Brent/WTI crude oil prices, Colombia’s oil boom has started to burst.  Not only did Colombia have to deal with falling prices, but this year Colombia’s output also declined due to guerrilla attacks, sub-par drilling results and permitting delays. Petroleumworld.com, Dec 24, 2014 The oil boom that enriched bondholders in Colombia is…

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Site Last Modified: February 26, 2015